Aurum Mining PLC
16 March 2005
For immediate release 16 March 2005
AURUM MINING PLC
('Aurum' or 'the Company')
Update on progress at the Andash gold and copper property
Aurum Mining plc (AIM: AUR), the company formed to acquire gold and other
mineral extraction projects in the Former Soviet Union, is pleased to announce
to shareholders an update on progress at its Andash gold and copper exploration
project in the Kyrgyz Republic. Aurum secured its exploration licence to the
Andash property through the acquisition, in January 2005, of Kaldora Company
Ltd.
This update includes the results of four new drill holes at the property, which
show significant mineralisation, and preliminary results of independent
metallurgical analysis. In addition it outlines planned steps in the further
development of the property.
Key points
• A programme of technical works carried out at the Andash project since
June 2004 has included diamond core drilling and various geophysical
techniques. Selected samples of core have been sent to the Wardell Armstrong
International (WAI) testing laboratories in the UK for independent
metallurgical testing.
• The latest results have given a much greater understanding of the
genesis of the deposit and will allow Aurum to analyse core samples obtained
for mineralogy, metallurgy, rock strength and grade distribution of gold and
copper throughout the economic ore zones in orebody No.1.
• Four diamond drill holes have been successfully completed to target
depth for a total of 624m of which 560m contained significant mineralisation,
the results of which are summarised below. All the holes showed
mineralisation from surface to the base of orebody No.1. Mineralised
thickness of this orebody varied from 111m to 175m of continuous gold/copper
mineralisation.
Drill hole From - To Au g/t Cu %
TX 1 0 - 111m 0.937 0.466
TX 2 0 - 150m 1.95 0.66
TX 3 0 - 175m 1.52 0.475
TX 4 0 - 124m 0.956 0.465
• The results show correlation between gold and copper through the
mineralised zones, but the drilling has also identified much higher grade
gold and copper occurrences within the surrounding disseminated zones.
• These data have also shown correlation between high grade gold-copper
mineralisation and massive magnetite mineralisation, which is important for
targeting orebody extensions as the geophysical surveys have shown numerous
magnetic and other geophysical anomalies both close to the main ore zone and
elsewhere on the licence area of some 50km2.
• An additional three diamond core drill holes are presently being
drilled at the site targeting samples for rock strength testing for optimum
pit slope design and to confirm the boundary of orebody No.1.
• The electronic drill assay database for orebodies 1, 2 and 3 has been
sent to WAI who will carry out independent orebody modelling, ore resource
calculations and preliminary open pit designs for economic assessment of the
project and to determine additional in-fill drilling requirements for all
three deposits by mid 2005.
• WAI has also been commissioned to carry out preliminary metallurgical
tests on oxide and sulphide ores from orebody No.1 and results to date show
more than 85% recovery of gold to direct cyanidation followed by flotation
to recover the copper mineralisation. This testing will lead to the taking
of larger samples from the remaining drill core being shipped to WAI to
develop the optimum processing path for the Andash ores by mid 2005.
• Andash Mining Company, Aurum's Kyrgyz subsidiary, will be filing
shortly with the Kyrgyz authorities to obtain a mining licence
categorisation for Andash orebody No.1.
• A preliminary feasibility study for mining and processing of orebody
No.1 has been initiated by Aurum using both in-house staff and independent
engineering contractors experienced with project development in the Kyrgyz
Republic. This exercise will allow Aurum to collect and develop the
technical and economic database for handing over to independent consultants
to allow a full feasibility study to be carried out by late 2005.
Commenting, John Webster, Aurum Mining's Managing Director, said: 'I am
delighted by progress at the Andash property and particularly by the consistency
and level of mineralisation revealed by the drill holes. We look forward to
further advancing the project and to identifying the optimum method for
producing gold and copper at Andash.'
For further information please contact:
Aurum Mining
John Webster, Managing Director Tel: 020 7478 9050
Haresh Kanabar, Business Development Director Tel: 020 7070 7283
WH Ireland
Tim Cofman Tel: 0121 616 2101
Buchanan Communications Tel: 020 7466 5000
Mark Court/Charlie Howard
This information is provided by RNS
The company news service from the London Stock Exchange
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